Colorado Division of Financial Services

DENVER, CO — Colorado has granted a charter for the first financial institution to serve its cash-only marijuana industry.

However, before it can open permanently for business, action is also required by the National Credit Union Administration and Federal Reserve.

The Colorado Division of Financial Services issued the charter Wednesday to The Fourth Corner Credit Union, which could open in January, The Denver Post reported Thursday.

The charter is a step toward resolving a significant problem for the industry, which generally is unable to obtain traditional banking services. As a result, dispensaries frequently transport cash – a crime risk – and use currency to pay employees, expenses and taxes.